Solana (SOL) has overtaken Ethereum (ETH) in the 24-hour perpetual futures trading volume, a key performance indicator in the cryptocurrency market.
According to data from CoinMarketCap, Solana’s trading volume reached a staggering 5.56 billion USDT, surpassing Ethereum’s 4.68 billion USDT.
This shift in market dynamics comes as Solana experienced a 7.51% increase in its price over the past 24 hours.
Perpetual futures are a type of derivatives contract that allows traders to speculate on the future price of a cryptocurrency without an expiry date. These instruments are integral to the liquidity and price discovery of the crypto market.
Solana’s lead in this metric is particularly noteworthy, given that Ethereum has long been a dominant player in the field.
Firing on all cylinders
Even when comparing spot trading volume, Solana maintains its lead with a volume percentage of 8.43% against Ethereum’s 4.62%.
Furthermore, Solana’s market capitalization has soared above the $50 billion mark, establishing it as a significant contender in the cryptocurrency space.
Adding to Solana’s impressive performance, it has recently surpassed Ethereum in 24-hour DEX (Decentralized Exchange) trading volume.
This marks yet another milestone for Solana, challenging Ethereum’s stronghold in the decentralized finance (DeFi) sector.
Analysts attribute this surge to the increasing total value locked on Solana’s platform, which has reached over $1.4 billion for the first time since last year’s market turbulence.
The platform’s competitive transaction fees and high-speed operations, coupled with a burgeoning ecosystem of meme coins and community interest, have contributed to its rally.